Acwa Names New Chief Executive

The leadership change is part of a planned succession, with outgoing CEO Marco Arcelli, who held the position since March 2023, remaining as an advisor to the chairman to ensure a smooth transition. This move comes after the company rebranded from ACWA Power to Acwa in January 2026 to reflect its evolution and global ambition. Dr. Serhan brings over three decades of experience in the industrial and infrastructure sectors. Before joining Acwa in 2025, he was the Chief Operating Officer at Air Products, where he had global responsibility for operations and project execution across the Americas, Asia, Europe, and the Middle East. His career also includes leadership roles at Linde Engineering and as president of Global HyCO at Praxair. Acwa is a central player in Saudi Arabia's Vision 2030, tasked with developing 70% of the kingdom's renewable energy projects under the Public Investment Fund's program. The nation aims to generate approximately 50% of its electricity from renewables by 2030, a significant increase from previous levels. The company is leading massive projects, including an $8.4 billion green hydrogen facility in NEOM that will utilize 4 GW of renewable energy. In September 2025, Acwa, in partnership with Badeel and Aramco Power, finalized a deal for seven new solar and wind projects totaling 15 gigawatts of capacity with an investment of about $8.3 billion. Financially, Acwa has shown strong growth, reporting a 17% year-on-year increase in operating income for the first nine months of 2025. During that period, the company added 7 GW of power capacity and 600,000 cubic meters per day of water desalination to its operational portfolio. Globally, Acwa operates over 80 projects in 13 countries and has a portfolio valued at over $100 billion. The company has set a goal to triple its asset base to $250 billion by 2030, with a significant portion of that growth expected from its home market in Saudi Arabia.